Product Management

Product management can be defined as entrepreneurial management of a part of a business (Product, Service, product line, segment or a brand etc.) Product managers are generally responsible for this part of the business without having direct authority over the entity.

The products manager’s job is to oversee all aspects of a product or a service line so as to create a strong value proposition and deliver superior customer satisfaction while simultaneously providing long term value to the company.

Product Manager’s Scope of responsibilities:   

Apart from above macro level scope of responsibilities a product manager or a product management team may have following ownership and accountabilities

• Advertising
• Branding and Naming
• Channel and Distribution Management
• Competitive Force Analysis
• Direct Marketing Programs
• Forecasting
• Inside Sales Management
• Key Account Management
• Lead Generation and Management
• Market Research
• Market Identification and Development
• Outside Sales and Promotions
• Packaging and Presentation
• Planning
• Positioning
• Pricing
• Product Design and Development
• Product Legal Considerations and Protection
• Program Management
• Public Relations—Press Management
• Strategy

The ownership of the specific functions and responsibilities in Product Management, marketing and research are divided, individually or collectively, amongst the members of a product management team. The product manager is accountable for the product, and the identification of the marketing functions that must be implemented for success.

In a Product management process there can be multiple stake holders which can be explained with the following list.        

1. Engineering and R&D
2. Manufacturing
3. Quality
4. Sales Channels
5. Front line Sales Team
6. General Public
7. Customers
8. Top Management
9. Purchase
10. Marketing research
11. Legal
12. Finance
13. Customer Service
14. IT 
15. Logistics 

New Product Development (NPD)

New Product development or NPD is an essential part of the profile of a product manager or product management team. 

The new products can be: 

1. New to the world

2. New to the company

3. Addition to the product line

4. Repositioned products 

 

I have written more about it in my previous post.


Copy of my Presentation to the students can be downloaded from Here

Product manager's handbook

I want to recommend you to read more about product management in a book by Linda Gorchels, The Product manager's hand book, the overview of this book is available in the link below

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So have a great read and acquire as much as knowledge you can about the product management.